The Financial Services Regulatory Authority of Ontario (FSRA) has published an order refusing to renew the corporate license of an Ontario numbered company and revoking the life and accident & sickness insurance agent’s license of Carman McKechnie.

The measures come after the insurance regulator learned from the Canadian Investment Regulatory Organization (CIRO) that McKechnie was previously sanctioned by the Institute of Chartered Accountants of Ontario (ICAO) for practicing without a license and for fabricating reports and statements for the regulator.

Although McKechnie was licensed to practice public accounting from 1995 until 1997, he was not licensed after 1997 but was found to have knowingly practiced without a license from February 2006 until November 2010.

Licensed continuously as an insurance agent since November 2002, FSRA says McKechnie failed to disclose the discipline on nine consecutive licensing applications. FSRA says the agent is not suitable to hold a license “because McKechnie has provided false information with respect to the application for the license and his past conduct affords reasonable grounds for belief he will not conduct insurance business in accordance with the law and with integrity and honesty,” they write. “This conduct constitutes grounds for refusing to renew the corporate license of 15570739 Ontario Inc. and to revoke McKechnie’s insurance agent license under the (Insurance) Act.” 

The notice of proposal in the case concludes, saying “the director believes, on reasonable grounds, that the applicant and the corporation are not suitable and are not of good character or reputation to be licensed under the Act. The applicant’s conduct as a regulated professional and the repeat provision of false information by the applicant and the corporation to FSRA poses a significant risk to consumers that cannot be cured by attaching conditions to the licenses.”